Borivali Real Estate Developers Booked for ₹2.97 Crore Fraud

The Borivali police have registered a cheating case against real estate developer Ashok Jethwa, 66, and his son Mihir, around 40, for allegedly duping a retired shipping employee of Rs 2.12 crore and his mother-in-law of Rs 85 lakh. The scam was carried out under the pretext of investment and promised flats.

The FIR was filed on February 1. Complainant Prajyot Dabholkar, 60, a resident of Kandivali East, approached broker Navinchandra Barkhada in September 2015 to buy a flat in Borivali West. The broker introduced him to Mihir Jethwa, who claimed he and his father ran a real estate firm in the area and shared details of their projects.

Unconvinced by the flat locations shown, Dabholkar was persuaded by Mihir to invest in upcoming projects instead. Between October 2015 and December 2019, Dabholkar invested Rs 2.12 crore, with assurances of receiving five flats in a Borivali West project. The accused allegedly misappropriated the funds for personal use and failed to return the money or allot the flats.

This case highlights the increasing instances of real estate fraud in Mumbai, where unsuspecting investors are lured with promises of lucrative returns and prime properties. The Borivali police have initiated a thorough investigation to trace the misappropriated funds and bring the accused to justice.

Real estate developers play a crucial role in the urban development of cities like Mumbai, but cases like these tarnish the reputation of the industry. It is essential for potential investors to conduct thorough due diligence and verify the credentials of developers before making any investments.

The police are urging anyone with similar experiences to come forward and file complaints. They are also working with legal experts to ensure that the victims receive the justice they deserve and that stringent measures are put in place to prevent such frauds in the future.

For anyone looking to invest in real estate, it is advisable to seek legal advice and verify the authenticity of the projects and the developers involved. This will help in safeguarding one's investments and avoiding financial losses.

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In conclusion, the Borivali police's action sends a strong message to real estate developers involved in fraudulent activities. It underscores the importance of transparency and accountability in the real estate sector, ensuring that investors' hard-earned money is protected and used ethically.